Once on top of the British music charts with songs such as, “Red Red Wine,” the reggae band UB40 has been declared bankrupt by a Birmingham County Court in Britain.  The court has also declared four of the band members as insolvent.

Despite having over 50 hits throughout their 33 year career, poor financial management has finally caught up with the robust ensemble of musicians; however the bankruptcy ruling comes as little surprise.  Initially reported by Contact Music, proceedings for the October decision began back in February.

The ruling comes only days after the band announced four upcoming shows for the new year in the Netherlands and Belgium.  To be held in the last week of January 2012, the shows have tickets available.

Considering no statement has been issued in regards to the bankruptcy ruling, there is no indication as to whether or not the shows will be cancelled.

Until then, tax officers have been given the go ahead to seize property in order to pay the band’s debts.

For members Brian Travers (saxophone), drummer Jimmy Brown, trumpeter Terence Oswald, and percussionist Norman Hassan their ability to perform the January shows with their own instruments may still be a reality as they have been declared insolvent by the court.

The financial troubles which led to the band’s bankruptcy also is nothing new, founding member Ali Campbell   and keyboardist Mickey Virtue left the band during 2008 because of financial disputes.

“UB40 have been asset stripped by the people around them,” said Campbell during a radio interview held this past July.

Considering the February proceedings also invovled the band’s record label, DEP International, Campbell’s statement may highlight the primary reason for the band’s financial woes.

“The people around the band have destroyed it with help from some of the members of the band,” added Campbell.

The cost for their bankruptcy case may reach as high as £57,000 stated presiding District Judge Richard Musgrave.